The opposition has accused Labor of a “breach of trust” after the Albanese government announced super balances over $3m will be taxed at a rate of 30%, up from the current concessional rate of 15%.
The prime minister, Anthony Albanese, and the treasurer, Jim Chalmers, say the change will only affect 80,000 people’s super accounts – about 0.5% of Australians – and is forecast to raise $900m over four years once it takes effect in 2025. Chalmers earlier on Tuesday released a report that found super tax concessions are costing the federal budget $50bn a year.
